I wanted to check my understanding of the PoW consensus algorithm as it pertains to ETH and BTC mining.
- Mining pools pool together resources from many miners to search over nonce values to create the next block. The first miner to find the right nonce wins, therefore all the search performed by other miners is "wasted", and they need to move onto mining the next block.
- If there are two mining pools attempting to solve the same block, and one is substantially larger than the other, the larger mining pool will tend to find the block (and receive the block reward).
I understand that the intent of PoW coins is to avoid mining centralization, but if the above two assumptions are true, isn't it beneficial for miners to always join the largest mining pool?